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Redefining the car insurance game

Traditional car insurance companies calculate individual premiums by your profile – the car you drive, traffic infringement history, where you live, your age, gender, etc.  Your profile is then used to compare against hundreds of drivers similar to yourself.  Your level of risk is determined by the history of your driving records and others like you

Insights Redefining the car insurance game
Wednesday, 18 July 2012

However, different insurance firms tend to target different segments of the population.  Some have a higher proportion of over 50s in their books, while some famously specialise in the “motor enthusiasts” market.  Due to the different data each firm collects, you may find yourself receiving significantly different premium quotes.

What if we could analyse the driving behaviour of each individual?  Will the insurance firms then be measuring risks using the same data and, in turn, calculate a more accurate premium for each individual?

At least one insurance firm (“insurethebox”) is doing just that.  Electronic devices connecting to the dashboard, GPS and other sensors are installed in the vehicles of policy holders.  Driving activities are recorded in real-time.  The huge volume of data collected could be used to determine the policy holder’s risk level.  For example, statistics like the average time taken to brake before a red light, number of breaks taken on a long trip and many others could be used.

The collection, storage and use of these data raises privacy concerns.  For example, users will be reluctant to create a complete record of all their movements, which is easily available to their insurance company.  On the positive side, such data could be very useful in establishing what caused an accident.  Care must be taken to address any concerns the public may have before bigger insurance companies start embracing this technology.  

Insurethebox has shown that Data Analytics has the potential to transform the insurance industry.  In addition, it may help to save lives, where high risk drivers will be encouraged to adopt a safer driving habit.  The question is whether the public considers the potential benefits (including potentially lower premiums for safe drivers) a reasonable trade off for the collection of their personal data.

Read more here.